Against the backdrop of a shortfall in liquidity caused by the COVID-19 pandemic, the deadline for submitting applications to access the State Aid Scheme "EximBank Guarantees under the COVID-19 State Aid Scheme" has been extended until the 31st of December."> « Back
Against the backdrop of a shortfall in liquidity caused by the COVID-19 pandemic, the deadline for submitting applications to access the State Aid Scheme "EximBank Guarantees under the COVID-19 State Aid Scheme" has been extended until the 31st of December.
The procedure of the two state aid schemes consisting of, on the one hand, state guarantees granted for loans contracted by companies and, on the other hand, in subsidized interest loans, entered into force on the 7th of October 2020. The financing procedure is established by the "EximBank Guarantees under the COVID-19 State Aid Scheme" (NI-GAR-14-I/0) (hereinafter the "Guarantees Norm”) and by the "EximBank Financing under the State aid COVID-19"(NI-FIN-08-I/0) (hereinafter the “Financing Norm"), by means of two decisions issued by the Interministerial Committee on Finance, Guarantees and Insurance, namely Decision no. 257/2020 and, respectively, Decision 258/2020.
Initially, the Guarantees Norm and the Financing Norm provided that the beneficiaries who intend to access the financing program must submit their applications by November the 30th, 2020. Subsequently, by Decision no. 314/2020 and Decision no. 315/2020, the initial deadline has been extended by another month, so that the applications can be submitted until December the 31st, 2020.
The program targets both SMEs and large enterprises, understood as enterprises with a turnover of more than 50 million euros.
2. What does the granted facility consist of?
The Guarantees Norm may provide the beneficiaries with guarantees covering up to 90% of the loans granted by credit institutions. The guarantees may be granted for both new and existing loans, as follows:
By means of the Financing Norm the state may provide subsidized interest on investment loans or working capital loans. However, these facilities may not be used to refinance other loans, nor may they be used to pay dividends or repay loans to shareholders.
The value of a loan may not exceed:
3. What are the conditions for eligibility?
Both guarantees and subsidized interest loans are granted to beneficiaries who meet, all the eligibility conditions laid down in the norms, on the date of submission of their financing application. In addition to the conditions closely related to the characteristics of the state aid (e.g. beneficiaries to be legal entities), beneficiaries must also meet the following criteria:
4. What are the expenses that can be financed by state aid?
Guarantees and subsidized interest loans can be granted for both investment loans and working capital loans. Under these facilities, certain types of expenditure are eligible, as follows: